The following information relates to Starbucksfor 2009: net income $390.8 million; unrealized holding gain of $9.8 million related to available-for-sale securities during the year; accumulated other comprehensive income of $48.4 on September 28, 2008. (For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)
Assuming no other changes in accumulated other comprehensive income, determine:
Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $70,000. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $60,000. It is determined that this loss in value is other-than temporary. Prepare the journal entry, if any, to record the reduction in value.
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